Nottingham Letting Agent Property Blog

Last month saw house price falls in nearly a third of the country, with the average property price dropping by 0.2% according to research from Hometrack, and it's forecasting this rate of decline could increase during the coming months. Figures from the Hometrack Monthly National Housing Survey show property prices have fallen consecutively during the last 16 months, and this year could see the lowest number of house sales for 40 years. However this price decline has been slight as prices are down by just 2.3% compared to last year.Hometrack is basing these predictions on several factors, one of which is ...

The festive season is just about upon us, and many of us will be busy buying and wrapping presents in preparation for the big day. Unfortunately it's also a busy time for burglars, and recent research has shown burglaries increase by 63% during winter. This figure has increased during the last few years which may be down to the recession. With most of us still planning to splurge on Christmas goodies now is a great time to review your home security.Check out your insurance policy to make sure you are covered for the extra spend, as some policies increase the amount...

The Bank of England is forecasting that many people may not be able to buy their first home until they reach middle age, and it expects home-ownership numbers to drop significantly, with the percentage being forced to rent predicted to carry on rising. This bleak prediction comes as a new report shows repossession levels rising, with fears that they could double over the next two years. Standard & Poor’s report shows around 35,000 families being repossessed each year, but predicts this figure could increase to nearly 70,000 which would be close to the all-time high of 75,500 recorded in 1991. According...

Property prices have been predicted to grow by up to 3% next year, but of course there will be regional variations with the North-South divide expected to widen even further. Major concerns remain over the economy, with worries about unemployment being top of the list. The supply of new property is also expected to remain low, and could force rents to rise by several percent, especially as the mortgage market is likely to face continued constraints in the wake of the Eurozone crisis.Experts are predicting property prices will remain fairly flat, with the exception being London and commuter hotspots in the...

The government released its consultation on its Green Deal last week and announced an additional £200 million worth of funding including a special introductory offer which it is hoped will boost early uptake of the scheme. It's important for landlords because after 2018, rental properties must have a low EPC rating otherwise they will be banned from the market.Energy secretary Chris Huhne expects the initiative to decrease household fuel bills by up to 7% by 2020, but this will be partially offset by the £8 billion annual bill taxpayers which will fund new nuclear power stations, wind farms and a new...

The first-time buyer taxpayer guarantee scheme was announced last week, allowing people with just a 5% deposit to buy a home in England with the government underwriting the rest of the deposit. At first glance this sounds like a fantastic idea, but experts have been quick to point out its flaws.The scheme is only available for new build homes, but this type of property has suffered the highest percentage of loss in value since the credit crunch began, and experts are worried prices could fall even further. The average price of a new home has fallen by nearly £40,000 from £260,000...

It’s easy to imagine that most peoples dream home would be a huge mansion, but apparently the reality is somewhat different as most of us yearn for a rural idyll. A new survey of 2,000 homeowners showed most Britons would like to live in a new four bedroom detached house, built on half an acre with a sea view. It would include at least two en-suite bathrooms, plus another couple of rooms for a growing family, such as a den or playroom.However it needs to be in a convenient location, as access to a country pub and corner shop is considered...

The plans announced on Monday to boost the property market have been welcomed, but some experts are concerned that they won't have a significant impact for quite some time. The measures included a brand-new £400 million fund to boost house building, and builders will be able to obtain grants to develop land currently considered economically unviable. However this £400 million fund is expected to provide funding for just 16,000 new homes, when estimates put the need for new houses as being anywhere between 100,000 and 500,000. First-time buyers will also be able to borrow up to 95% of a property's value,...

Proposed EU legislation which is intended to regulate the buy to let sector could have several unpleasant and unintended consequences. The new legislation could result in mortgage availability becoming restricted, and some landlords may be forced to sell which could affect house prices and reduce the already overstretched private rental sector.The Treasury already decided two years ago that further intervention in the housing market wasn't necessary, but in spite of this, this new EU directive looks set to take effect in 2012, and seeks to regulate buy to let mortgages in the same way as residential mortgages. The effect of this...

Chancellor George Osborne has just announced a radical new scheme designed to help first-time buyers get on the property market, as the government will guarantee low deposit mortgages. The scheme is aimed at helping people who are unable to raise enough cash for a deposit, as this is currently one of the biggest barriers towards securing a good mortgage rate. This mortgage indemnity guarantee is likely to increase the attractiveness of first-time buyers with small deposits to lenders as it would protect them from any loss should their home fall into negative equity. The lender would be able to claim the...

The government is set to revive Margaret Thatcher’s popular ‘Right to Buy’ scheme, and it's estimated up to 2,000,000 council homes could be sold at discounts of up to 50%. The proceeds of the sales will be used to build more new homes in the area, and the hope is the scheme could result in 100,000 new homes being built which would create a much-needed 200,000 jobs as well as providing homes for families currently stuck on the waiting list for housing.The scheme is supposed to be formally announced by David Cameron and Nick Clegg today, along with a raft of...

The garden shed has always traditionally been a male preserve, somewhere to escape to and which was out of bounds to the females in the family. It was where the man of the house could indulge in a crafty smoke, or could just sit there and daydream. Roald Dahl wrote many of his stories in a 6' x 7' shed at the bottom of his garden, and George Bernard Shaw wrote most of his plays in his. But apparently this is all changing, and they are no longer tumbledown cobweb infested constructions, but are far more likely to be luxurious and...

The concession on first-time buyer stamp duty is due to end next March, but the Council of mortgage lenders is asking the government to reconsider as data shows the previous concession on stamp duty caused a spike in sales followed by a slump. The CML is worried that ending this concession could prompt another slump which would obviously not be very good news given the fragile state of the market.HM Revenue & Customs is due to publish a report on the impact of this current concession, but it seems unlikely that the cost to the government has been very high due...

Approvals for a home loans have fallen for two consecutive months, as October saw a 1.1% decline compared to the previous month. This decline is being blamed on mortgage lenders who are focusing their attention on borrowers who have larger deposits, and 90% loans account for just 1% of all lending. The cheaper end of the property market is seeing the fastest drop in approvals as buyers struggle to meet the strict lending criteria. Even though it appears as if higher loan to value mortgages are available, the truth is that most first-time buyers simply aren't eligible.In the past this might...

At a time when many others are tightening our belts home improvements may be way down on the list of necessities, but did you know property experts recommend spending 1% of the homes’ value on annual improvements in order to maintain the property is worth on the open market? With the average UK property valued at around £163,000 this equates to £1,630 every year. Even if you don't wish to splash out on a new kitchen or bathroom, it is worthwhile keeping up internal and external maintenance.That old saying prevention is better than cure is definitely true, and carrying out a...